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(1790) PENNY Albany Church Penny, No D, Breen-1169, W-8495, R.7 -- Environmental Damage -- PCGS Genuine. XF Details....
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Description
(1790) Albany Church Penny, XF Details
Rare No D, W-8495 Variety
(1790) PENNY Albany Church Penny, No D, Breen-1169, W-8495, R.7
-- Environmental Damage -- PCGS Genuine. XF Details. The First
Presbyterian Church of Albany, New York issued 1,000 uniface copper
tokens in 1790, to aid parishioners in finding suitable coins for
their offerings. There was a chronic shortage of small change in
the newly established United States at the time, as the Mint Act of
1792 would not be signed by Congress for another two years.
Circulating coinage consisted of a hodge-podge of coins from all
nations and the various states, and often included underweight or
counterfeit specimens. The Albany Church pennies were issued at the
rate of 12 to one shilling and two varieties were produced. This
coin represents the W-8495 variety, without the large D that
appears above CHURCH on the other variety. The Albany Church penny
began appearing at auction at least as early as lot 2079 of the
Second Semi-Annual Sale (W. Elliot Woodward, 4/1863), where the
coin realized $18, a substantial price for the time. The other
variety, with the large D, was offered in the next lot in that sale
and realized $25. Both varieties are rare today, with less than a
dozen examples of each extant. All examples seen are well-worn.
Recent sales of the W-8495 include the VF30 PCGS example in lot
3912 of the ANA Signature (Heritage, 8/2015), which realized
$30,550.This impressive specimen shows XF sharpness on the simple design elements, with CHURCH spelled out clearly in print and PENNY inscribed in cursive underneath. The border remains complete, although weak in some places. The surfaces show some evidence of corrosion and extensive verdigris, and the planchet is clipped at 10 o'clock on the obverse. Listed on page 87 of the 2019 Guide Book.
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